NEW YORK, Feb. 25 (UPI) -- Here's the first bill for whatever structure finally rises up from Ground Zero at New York City's old World Trade Center site: $1.33 billion.
And that's before major reconstruction has begun, the Wall Street Journal reported Wednesday.
Among the recipients of these insurance payments are the Port Authority of New York and New Jersey, which owns the 16-acre site.
For example, the Port Authority has agreed to return all of the $125 million in equity New York developer Larry Silverstein and his low-profile group of backers originally invested to buy the 99-year leases on the office portion of the complex in July 2001.
Another $100 million has gone to Wachtell, Lipton, Rosen & Katz, the lawyers that are billing at a rate of about $4 million a month to press Silverstein's and the Port Authority's case against Swiss Reinsurance and a dozen other insurers.
Depending on the World Trade Center insurance trial outcome, insurers will provide $3.55 billion to $6.6 billion to help rebuild the site.
Of that money, $1.33 billion has already been spent.
